Estimating Egypt’s Equilibrium Real Exchange Rate
IMF Working Papers, January 1, 1998
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- Estimating Egypt’s Equilibrium Real Exchange Rate
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Bibliographic details
- Authors: Joannes Mongardini
- Published: January 1, 1998
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451842159.001
Summary and principal findings
- Purpose: Estimate empirically Egypt’s equilibrium real exchange rate—the rate consistent with fundamentals—in light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth.
- Main findings:
- The real exchange rate was substantially overvalued before 1993.
- Today it is only moderately above the equilibrium rate.
- The recent appreciation of the pound does not indicate a worsening misalignment.
Context and policy relevance
- Issues addressed:
- External competitiveness.
- Exchange rate policy.
- Relevant subject areas: Current account; Exchange rate arrangements; Exchange rates; Real effective exchange rates; Real exchange rates.
- Keywords preserved from the source: administered exchange rates; equilibrium exchange rate; monetary policy; terms of trade; U.S. dollar; WP.
Content in this bundle
- Estmating Egypt's Equilibrium Real Exchange Rate - WP/98/5